FTX Europe: Crypto exchange on Pause
Date: 2024-04-18 Author: Henry Casey Categories: IN WORLD
According to the new CySEC circular, FTX EU is suspended from providing services and concluding new business relationships until the regulator’s moratorium is lifted. Clients may not transact or receive investment services from FTX Europe, either in Cyprus or abroad.
Closing positions and returning deposits
The Company is obligated to close all open positions on clients' contracts and return deposits, as well as profits due to clients, in accordance with CySEC requirements.
Changes in ownership
FTX Europe, renamed from the Swiss crypto startup Digital Assets, was sold to the FTX group for $323 million last year. In February 2024, after disputes with the interim administration of the bankrupt FTX, it was bought back by its founders for $32.7 million.
Lawyer John Deaton accused Senator Elizabeth Warren of supporting the FTX Group and ex-executive Sam Bankman-Fried, arguing that this undermines the activities of cryptocurrency companies.
